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2017 (3) TMI 1055 - HC - Income TaxReopening of assessment - applicability of provisions of Section 50C - Held that:- We note that the very issue with regard to transfer having taken place in the Assessment Year 2008-09 by way of part performance as contended by the petitioner is a matter of dispute. This would require investigation by the Assessing Officer and could be appropriately done only during the Assessment proceedings. So far as the submission on behalf of the petitioner that the Assessing Officer could not have any reason to believe that income chargeable to tax has escaped assessment in view of the decision of this Court in Greenfield Hotels & Estates (P) Ltd. (2016 (12) TMI 353 - BOMBAY HIGH COURT ) is concerned, it is observed that the aforesaid decision of this Court did not independently rule appropriate interpretation of Section 50C of the Act. The Court refused to entertain the Revenue's appeal for the reason that the impugned Order of the Tribunal had followed its earlier decision in case of Atul G Puranik vs ITO [2011 (5) TMI 576 - ITAT, Mumbai]. The Revenue had accepted the same and in appeal from the Order of the Tribunal in Atul G. Purnaik (supra) was preferred. In the aforesaid background the Court refused to interfere with the Order of the Tribunal as there were no distinguishing features either on facts or in law as reiterated in GreenField Hotels & Estates (P) Ltd. (supra) from that existing in Atul G. Puranik (supra). In the present facts, the petitioner had not brought any decision of the Tribunal on the issue of law while filing its objections which the Assessing Officer could have dealt with bearing in mind facts involved. - Decided against assessee
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